This year the congress was held from 21.10.2012 to 25.10.2012. GIC Re delegation was headed by Chairman-cum-Managing Director and comprised of General Manager Mr. P K Bhagat, Deputy General Manager Mr. Ashwani Kumar and the author himself.
The Annual Reinsurance Congress began with a Symposium titled “Volatility: Opportunity or Threat?”. The Symposium aimed at examining how volatility is viewed within the insurance and reinsurance sectors particularly from a financial perspective. It was pointed out that volatility lies at the heart of the re/insurance business. Volatility is generally considered a negative factor for the business and most of the organizations look to shed / mitigate / transfer it. However, the discussions of the Symposium were intended to test whether the orthodox / general perception of volatility is appropriate and whether volatility could provide opportunities.
Further the Symposium highlighted the critical role that reinsurers play in supporting clients through difficult market conditions. As reinsurers, volatility is an opportunity to help the clients reach their goals during challenging times. With this approach reinsurers can fulfil the role as a shock absorber within the society. With the gap between insured losses and economic losses continuing to grow, last year's largest ever catastrophe-related economic losses serve as a reminder that there is significant potential for the industry and the solutions that are provided.
The event provided an excellent opportunity to GIC Re to have focused discussions with brokers, insurance companies, reinsurers and discuss issues of mutual interests. GIC Re’s continued representation at the event has helped GIC Re to build and maintain strategic alliances with its business partners, address the issues that the clients may have with GIC Re and gauge the market mood ahead of the renewal season.
For further information on this topic you may please visit the October 2012 issue of GIC Re NEWS hosted on this website